U.S. spot Bitcoin exchange-traded funds recorded their third-largest weekly outflows since launch, with $1.22 billion in net redemptions.

According to data from SoSoValue, the 12 spot Bitcoin ETFs returned to net outflows on Friday, Nov. 10, as $558.4 million exited the funds. Fidelity’s FBTC led the outflows of the day with $256.6 million withdrawn by investors, while BlackRock’s IBIT and ARK 21Shares’s ARKB followed with $131.4 million and $144.2 million, respectively. None of the remaining BTC ETFs saw any outflow on the day.

Notably, Friday’s outflows marked the largest single-day withdrawals from these investment vehicles since Aug. 1, when they saw $812.2 million in outflows.

Overall, in the past week, the 12 spot Bitcoin ETFs saw $1.22 billion in net outflows, the third-largest weekly outflow since launch, behind the $2.61 billion in February and $1.23 billion in October.

Institutional demand for these investment products appeared to cool over the past week, as a mix of macroeconomic concerns continued to weigh on sentiment and pressure Bitcoin, the asset backing these ETFs.

Bitcoin’s repeated failure to break above the $111,000 resistance on Nov. 2, followed by multiple dips below $100k psychological support during the week, likely made investors more cautious.

Market participants were also reacting to growing uncertainty around whether the Federal Reserve will deliver another rate cut this year, alongside stronger-than-expected U.S. labor data and stubborn inflation. Other factors like rising Treasury yields, a resilient dollar, and ongoing geopolitical tensions between Washington and Beijing have only added to the risk-off tone in crypto markets.

Bitcoin price recovers with macro support

However, over the weekend, sentiment reversed in favor of the bulls against a positive macroeconomic backdrop.

Bitcoin (BTC) rallied over 4% on Monday to reclaim the $106,000 mark as traders reacted to new short-term catalysts.

Notably, on Nov. 9, the U.S. Senate advanced a bipartisan bill that could end the ongoing U.S. shutdown that has been weighing on investor sentiment over the past weeks. Another supportive development came in the form of a tariff dividend announced by President Donald Trump, which traders believe could act as an economic stimulus.

At press time, Bitcoin was trading above its 50-day exponential moving average after securing a strong weekly close above the level. Since early 2024, every time the asset has retested this zone, it has historically rebounded with sustained rallies over the following weeks.

“$BTC strong weekly close above EMA-50 has happened. The bull run isn’t over,” noted market commentator Max in a Nov. 10 X post.

Other technical indicators, like the MACD and RSI, showed that Bitcoin may be primed for recovery.

Bitcoin’s MACD is approaching a bullish crossover, which is an early trend reversal signal. At the same time, the RSI showed the asset may still be oversold.